Green Energy Resources to Export $20 Million in Woodchips to China
March 02 2010 - 1:35AM
Green Energy Resources (Pink Sheets:GRGR) is set to export
China approximately 200,000 tons of woodchips valued around
$20 million. The contract was completed last October and set to
commence following the Chinese New Year celebration which ended
this past Sunday. The wood will be sourced from Oregon, California
and South America. Green Energy Resources is working with the
Chinese company to arrange the first shipment for April. A
Contract was originally signed in 2008, but was scuttled by rapidly
rising freight and fuel oil prices that culminated in a $150 per
barrel prices exceeding contract terms.
Wood Inventory Boost
Green Energy Resources wants storm damaged wood caused by ice
and snow storms in the North East US and Oklahoma. The
company requires chipped wood to be delivered to its regional
distribution locations at little or no charge. The wood will be
used for renewable energy purposes in the USA or exported to
Europe. The company is looking to increase its wood inventory by at
least a million tons.
Reverse Split
Green Energy Resources has not yet received a date from
regulatory officials to move forward with a desired reverse split.
Accordingly, a planned stock dividend to shareholders remains on
hold for a minimum of at least 3 months.
Except for historical information contained herein, the
statements in this release are forward-looking statements that are
made pursuant to the safe harbor provision of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements involve known and unknown risks and uncertainties that
may cause the companies' actual results in future periods to differ
materially from forecasted results. Such risks and uncertainties
include, but are not limited to, market conditions, competitive
factors, the ability to successfully complete additional
financings,ship availability, fuel costs and other risks.
CONTACT: Green Energy Resources
Joseph Murray
631-375-7921
joe.murray@greenenergyresources.com
www.greenenergyresources.com
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